隨著貝萊德推動數位黃金，比特幣新高和新低的競賽開始

比特幣 ETF 推出半年後，可以肯定地說，它們是史上最成功的 ETF 推出，成交量達到 3,095.3 億美元。

Half a year after Bitcoin ETFs hit the scene, they have proven to be the most successful ETF launch in history, generating a volume of $309.53 billion. On the first day of trading alone, spot-traded Bitcoin ETFs raked in $4 billion, crushing the previous record holder, Gold ETF (GLD), which took three days to clock up capital inflows of over $1 billion.

比特幣 ETF 面世半年後，事實證明，它們是史上最成功的 ETF 發行，成交量達 3,095.3 億美元。光是在交易的第一天，現貨交易的比特幣 ETF 就飆升了 40 億美元，打破了先前的紀錄保持者黃金 ETF (GLD)，後者在三天內就獲得了超過 10 億美元的資金流入。

This is all the more impressive considering that Bitcoin is a novel asset compared to ancient gold. The trend clearly indicates that Bitcoin is a better fit for the digital age. But what is that purpose?

考慮到與古代黃金相比，比特幣是一種新穎的資產，這一點更令人印象深刻。這一趨勢清楚地表明比特幣更適合數位時代。但這個目的是什麼？

BlackRock’s Head of Thematic & Active ETFs, Jay Jacobs, recently noted that Bitcoin is a “potential hedge against geopolitical and monetary risks”. By now, most people are aware that central banks’ ability to tamper with the money supply brings many moral hazards, from record-breaking budgetary deficits to inflation as an extra layer of taxation to cover those wild spending sprees.

貝萊德主題和主動 ETF 主管 Jay Jacobs 最近指出，比特幣是「對抗地緣政治和貨幣風險的潛在對沖工具」。到目前為止，大多數人都意識到央行幹預貨幣供應的能力帶來了許多道德風險，從創紀錄的預算赤字到作為覆蓋瘋狂支出的額外稅收層的通貨膨脹。

Gold is less suited to counter that ability because it is physical, confiscatable, and not truly limited. Being one-tenth the size of the gold market, Bitcoin's price is more volatile, but it is also a more attractive gains machine.

黃金不太適合對抗這種能力，因為它是物理性的、可沒收的，而且沒有真正的限制。比特幣的規模只有黃金市場的十分之一，其價格波動更大，但它也是更具吸引力的收益機器。

Now that Bitcoin ETFs have simplified and institutionalized access to more exciting digital gold, what steps are needed to ensure that trend continues?

既然比特幣 ETF 已經簡化並制度化了獲取更令人興奮的數位黃金的管道，那麼需要採取哪些措施來確保這一趨勢持續下去？

Ensuring Network ReliabilityOwing to its proof-of-work (PoW) consensus mechanism, Bitcoin is inherently dual-natured. It is a digital asset that is anchored into the physical reality of energy and hardware assets. This underlying foundation gives Bitcoin its value as a decentralized counter to central banking.

確保網路可靠性由於其工作量證明（PoW）共識機制，比特幣本質上具有雙重性。它是一種植根於能源和硬體資產物理現實的數位資產。這項基礎賦予了比特幣作為中央銀行去中心化對抗的價值。

In turn, the components of that foundation, the Bitcoin network, have to scale up to continue the institutional intake. Presently, the Bitcoin network handles around 412k transactions per day, nearly double from two years ago. Although the median transaction fee oscillates depending on network load, it rarely exceeds $5 per transaction.

反過來，該基礎的組成部分，即比特幣網絡，必須擴大規模以繼續吸收機構。目前，比特幣網路每天處理約 41.2 萬筆交易，幾乎是兩年前的兩倍。儘管交易費用中位數會根據網路負載而波動，但每筆交易很少超過 5 美元。

In parallel, their networks have to scale to ensure the Bitcoin network can handle orders of magnitude greater load coming from institutions. To increase their stability and robustness, they have to tackle multiple network components, from software and servers to hardware and internet connection.

同時，他們的網路必須擴展，以確保比特幣網路能夠處理來自機構的​​更大數量級的負載。為了提高穩定性和穩健性，他們必須處理多個網路組件，從軟體和伺服器到硬體和互聯網連接。

Scalable Blockchain SolutionsJust as IBM made significant contributions to developing current large language models (LLM), the legacy computer company also made a strong case for blockchain scaling with IBM Blockchain. This immutable ledger is based on an open-source Hyperledger Fabric framework with a complete set of tools for building blockchain platforms.

可擴展的區塊鏈解決方案就像 IBM 在開發當前的大型語言模型 (LLM) 方面做出了重大貢獻一樣，這家傳統電腦公司也利用 IBM Blockchain 為區塊鏈擴展提供了強有力的案例。這個不可變的帳本​​是基於開源的 Hyperledger Fabric 框架，具有用於建立區塊鏈平台的完整工具集。

Such a framework could interface with the Bitcoin ecosystem via atomic swaps, for example, through virtual vaults with timed smart contracts. Similarly, Visa proposed an experimental Universal Payment Channel (UPC) framework as a hub for blockchain network interoperability. International banking network SWIFT had already completed the second test phase for atomic settlement capability.

這樣的框架可以透過原子交換與比特幣生態系統進行交互，例如透過具有定時智能合約的虛擬金庫。同樣，Visa 提出了一個實驗性的通用支付通道（UPC）框架作為區塊鏈網路互通性的中心。國際銀行網路 SWIFT 已完成原子結算能力的第二階段測試。

Zooming out, a picture emerges of enterprise-grade blockchain solutions for institutions, interlinking with international hubs and intermediating with institutions that handle exposure to Bitcoin, such as Coinbase.

縮小範圍，可以看到為機構提供的企業級區塊鏈解決方案，與國際中心互連，並與處理比特幣風險的機構（例如 Coinbase）進行中介。

Dependable ServersPowering scalable blockchain solutions comes in the form of hardware. These can either be internal servers, via customized solutions offered by Broadcom, or offloaded to external options like the Canton Network.

可靠的伺服器為可擴展的區塊鏈解決方案提供支援以硬體的形式。這些伺服器可以是內部伺服器（透過 Broadcom 提供的客製化解決方案），也可以卸載到 Canton Network 等外部選項。

As a decentralized infrastructure, the Canton Network is a network of networks, building on Daml smart contract language and micro-services architecture. The latter allows for each service plugged in to to have its own server, expandable with more CPUs and storage.

作為去中心化的基礎設施，Canton Network 是一個網路的網絡，建立在 Daml 智慧合約語言和微服務架構之上。後者允許插入的每個服務都有自己的伺服器，並且可以透過更多 CPU 和儲存進行擴充。

Using atomic settlements, the Canton Network makes real-time settlement possible across different blockchain apps. By outsourcing services to such networks, businesses and institutions can focus on core features rather than IT infrastructure management, including the maintenance of CPUs, dedicated GPU hosting to diversify into AI support, and other essential hardware.

Canton Network 使用原子結算，使得跨不同區塊鏈應用程式的即時結算成為可能。透過將服務外包給此類網絡，企業和機構可以專注於核心功能，而不是 IT 基礎設施管理，包括 CPU 維護、專用 GPU 託管以實現人工智慧支援多樣化，以及其他重要硬體。

Internet ConnectivityNodes in any blockchain network have to communicate continuously to validate transactions and execute settlements by adding them as the next block on the blockchain ledger. In other words, internet connectivity necessarily involves redundancy and failover strategies.

任何區塊鏈網路中的互聯網連接節點都必須不斷通信，以驗證交易並透過將它們添加為區塊鏈分類帳上的下一個區塊來執行結算。換句話說，網路連線必然涉及冗餘和故障轉移策略。

For example, when Solana experienced network downtime problems, co-founder Anatoly Yakovenko hired Jump Crypto to develop Firedancer as a secondary network validator client to fortify network throughput and stability.

例如，當 Solana 遇到網路停機問題時，共同創辦人 Anatoly Yakovenko 聘請 Jump Crypto 開發 Firedancer 作為輔助網路驗證器用戶端，以增強網路吞吐量和穩定性。

With broader solutions like the Canton Network, enjoying support from the Big Tech and Big Bank, redundancies, multi-channels, backup systems, and load balancing are already baked into the DLT cake.

有了 Canton Network 等更廣泛的解決方案，並得到了大科技和大銀行的支持，冗餘、多渠道、備份系統和負載平衡已經融入了 DLT 蛋糕中。

Enhancing Network PerformanceIt is inherent in all types of computer networks to suffer from some level of packet loss and jitter. Packet losses can happen due to overwhelming demand, causing congestion, network interference, faulty software or hardware, and data corruption on hard drives.

增強網路效能 所有類型的電腦網路都不可避免地會遭受某種程度的資料包遺失和抖動。大量的需求可能會導致封包遺失，從而導致擁塞、網路幹擾、軟體或硬體故障以及硬碟上的資料損壞。

Transmission Control Protocols (TCP) deal with packet losses by retransmitting data, which causes delays, or by Forward Error Correction (FEC), which adds redundant data to packets, removing the need for retransmission. The Bitcoin Relay Network uses FEC to this effect, as does the Blockstream Satellite network, as an alternative avenue to receive Bitcoin blockchain data.

傳輸控制協定 (TCP) 透過重新傳輸資料（會導致延遲）或透過前向糾錯 (FEC)（向資料包新增冗餘數據，因此無需重新傳輸）來處理資料包遺失。比特幣中繼網路使用 FEC 來實現這一效果，Blockstream 衛星網路也是如此，作為接收比特幣區塊鏈資料的替代途徑。

As for jitter

至於抖動